A staggering $50 billion could be added to Toronto’s economy via social housing
Keeping people out of the health care and justice systems would be a boon, says a new report
Building more social housing in Toronto could add roughly $50 billion to the economy over 25 years, according to a new report. The study, a joint effort by the Canadian Centre for Economic Analysis, the GTHA Community Housing Collaborative and Scotiabank, found that renewing and expanding public housing infrastructure would generate long-term financial and societal benefits.
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The report goes on to say that more social housing would also create $48.3 billion in “social value”—a somewhat abstract concept that translates to more stable families, greater community safety, and improved physical and mental health. Governments would benefit by drawing in an extra $12.6 billion through taxation over the next quarter century. The strategy would also save $1.8 billion in health care costs by reducing inpatient days by over 500,000. And the drastically overburdened criminal justice system would be relieved of some 45,000 cases.
“Everyone deserves a safe and affordable place to call home,” said Mayor Olivia Chow. “This report shows that investing in public housing creates jobs, improves health outcomes, strengthens communities and saves money over the long term.”
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Adding more than 20,000 public housing units to Toronto while maintaining the city’s current 80,000 would come with a price tag of $36.4 billion, says the study.
